WAX has had an impressive few months with partnerships and projects being announced left and right. Just a few weeks ago, we reported on their joint venture with Binance, Blockchain Brawlers, which not only served as an interesting blockchain game, but the debut for the Binance Smart Chain and WAX bridge.
Today, WAX has announced that the collectible marketplace, Dibbs.io, has taken Amazon on as an investor. Dibbs uses the WAX blockchain for NFTs as well as WAX’s vIRL technology. This may seem a roundabout way that WAX and Amazon have interacted, but it serves two purposes: huge potential growth in exposure for WAX and further discovery of their vIRL system.
WAX has a clear focus on blockchain gaming with games that have spent all year dominating the DappRadar charts, but the space moves quickly and there are bigger and bigger fish swimming in the waters. For AAA studios and heavily backed projects to use the WAX blockchain, it needs to be as established as possible — this is a stride in the right direction.
WAX’s vIRL technology is particularly pertinent to how Dibbs works as Dibbs is a spot market for trading fractional interests in collectibles.
“Dibbs uses tokenized representations of physical assets (Item Tokens) to enable instant trades, either for a full Item Token or a fraction of one. These tokens exist and are transferable on the WAX network.
The physical assets are held by a third-party custodian. A holder of 100% of a Collectible Token can choose to take possession of their asset by surrendering the Item Token to the custodian and requesting shipment of the card to their address.”
This is the perfect system for WAX’s vIRL. To understand why, here is a summary of the technology.
What is WAX vIRL?
The concept behind vIRL NFTs is that you can own a physical item without “redeeming” it. That is, it is held securely and can be traded like any other NFT without postage. We have seen several major collections on the WAX blockchain utilize this technology, such as Hot Wheels and their rarest NFTs having a physical counterpart.
As Dibbs assets are or can be fractionalized, the physical cards are kept in a secure location. If you buy the entire asset, you can utilize WAX’s vIRL technology and redeem take “physical custody of the underlying physical asset”.
This is the first major and lasting partnership for WAX’s vIRL and with Amazon’s backing, it could become important to the success of the technology. There are myriad applications for vIRL and I can imagine a number of ways in which gaming can benefit. For instance, many gamers buy collector editions of their favorite titles so that they can own the box and its art — that would be a perfect example. This is without mentioning that Amazon themselves could greatly benefit from vIRL.
The reactive price spike of WAX should be considered secondary to the swelling influence of the chain, from AMC Cinemas and Spiderman to Amazon and collectibles — and that’s just the last 30 days. This growth for a blockchain focused on gaming is of great interest to anyone involved in the blockchain gaming space.